A Business at a Glance
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HORMEL FOODS CORP /DE/
HRL
$13.9B
Mkt Cap
$25.31
+1.16%
HORMEL FOODS CORP /DE/ (HRL) has a current P/E ratio of 28.4, compared to its historical median P/E of 19.9. The stock is currently considered Expensive based on its historical valuation range.
HORMEL FOODS CORP /DE/ (HRL) has a 5-year average return on invested capital (ROIC) of 8.1%. This is below average and may indicate limited pricing power.
HORMEL FOODS CORP /DE/ (HRL) has a market capitalization of $13.9B. It is classified as a large-cap stock.
Yes, HORMEL FOODS CORP /DE/ (HRL) pays a dividend with a trailing twelve-month yield of 4.59%.
Based on historical P/E analysis, HORMEL FOODS CORP /DE/ (HRL) appears expensive. The current P/E of 28.4 is 43% above its historical median of 19.9. The estimated fair value CAGR (P/E method) is -5.2%.
HORMEL FOODS CORP /DE/ (HRL) operates in the Meat Packing Plants industry, within the Consumer Defensive sector.
HORMEL FOODS CORP /DE/ (HRL) reported annual revenue of $12.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
Hormel Foods Corporation is a global branded food company with more than $12 billion in annual revenue, operating through three reportable segments: Retail, Foodservice, and International. The Retail segment processes, markets, and sells food products predominantly through U.S. grocery stores, mass merchandisers, club stores, natural food chains, drug and discount chains, and e-commerce providers, including results from the MegaMex Foods joint venture. The Foodservice segment supplies food products to distributors and operators across restaurants, hospitality, healthcare, K-12, colleges, universities, and convenience stores in the U.S. The International segment operates through retail and foodservice channels in major markets including Australia, Brazil, Canada, China, England, Indonesia, Japan, Mexico, the Philippines, Singapore, and South Korea, with minority interests in companies in the Philippines and Indonesia. The company's portfolio comprises meat, nuts, and other food products sold under more than 30 beloved brands including Planters, SPAM, Jennie-O, Skippy, Applegate, Wholly, Hormel Black Label, Fontanini, and Bacon1, with distribution through company sales personnel, independent brokers, and third-party carriers. Raw materials include pork, turkey, beef, chicken, and nuts, sourced through a balanced approach combining company-raised turkeys, long-term supply agreements, spot market purchases, and international sourcing, with hedging strategies to manage commodity price risks. The company competes on price, product quality, brand identification, product line breadth, and customer service, leveraging strong brand recognition and reliable customer service to support a higher value proposition, with Walmart representing 15.6 percent of consolidated gross sales in fiscal 2025.
【Pricing and productivity driving growth】 Management expects continued top-line growth in the second half of fiscal 2026, with pricing actions, mix improvements, and productivity gains from the Transform and Modernize initiative serving as key growth levers throughout the year. While near-term cost pressures including commodity inputs and logistics expenses are anticipated to create headwinds, particularly in the third quarter, the company remains confident in its ability to deliver full-year guidance and believes underlying business momentum supports achievement of the upper half of its earnings range. The company is focused on enhancing collaboration across the organization to respond more quickly to evolving market conditions, with strategic priorities centered on consumer-led growth powered by protein-centric solutions, brand innovation, and operational improvements to drive long-term value creation.
| Metric | Target | Period |
|---|---|---|
| Organic net sales growth | 1%-4% | FY2026 |
| Adjusted operating income growth | 4%-10% | FY2026 |
| Adjusted diluted earnings per share | $1.43-$1.51 | FY2026 |
| Net sales | $12.2 billion-$12.5 billion | FY2026 |
| Capital expenditures | $260 million-$290 million | FY2026 |
Organic net sales growth (FY2026): “In fiscal 2026, we expect organic net sales growth of 1%-4%.”
Adjusted operating income growth (FY2026): “In fiscal 2026, we expect adjusted operating income growth of 4% to 10%”
Adjusted diluted earnings per share (FY2026): “adjusted earnings per share to be in the range of $1.43 to $1.51 per share”
Net sales (FY2026): “We are reaffirming our full-year net sales expectations of $12.2 billion-$12.5 billion”
Capital expenditures (FY2026): “We still expect the capital expenditures for fiscal 2026 to be in the range of $260 million-$ 290 million.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 12.2B | 12.1B | 11.9B | 12.1B | 12.5B | 11.4B |
| Net Income | 467M | 478M | 805M | 794M | 1000M | 909M |
| EPS | $0.85 | $0.87 | $1.47 | $1.45 | $1.82 | $1.66 |
| Free Cash Flow | 693M | 534M | 1.0B | 778M | 856M | 770M |
| ROIC | 5.0% | 5.1% | 8.2% | 7.5% | 10.4% | 9.4% |
| Gross Margin | 15.7% | 15.6% | 17.0% | 16.5% | 17.4% | 16.9% |
| Debt/Equity | 0.36 | 0.36 | 0.36 | 0.55 | 0.44 | 0.48 |
| Dividends/Share | $1.16 | $1.16 | $1.13 | $1.10 | $1.04 | $0.98 |
| Operating Income | 703M | 719M | 1.1B | 1.1B | 1.3B | 1.1B |
| Operating Margin | 5.8% | 5.9% | 9.0% | 8.9% | 10.5% | 9.9% |
| ROE | 5.9% | 6.0% | 10.1% | 10.3% | 13.3% | 13.0% |
| Shares Outstanding | 551M | 550M | 548M | 547M | 549M | 547M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 9.3B | 9.3B | 9.5B | 9.2B | 9.5B | 9.5B | 9.6B | 11.4B | 12.5B | 12.1B | 11.9B | 12.1B | 12.2B |
| Gross Margin | 16.8% | 19.5% | 22.7% | 21.8% | 20.7% | 19.8% | 19.0% | 16.9% | 17.4% | 16.5% | 17.0% | 15.6% | 15.7% |
| R&D | 30M | 32M | 35M | 34M | 34M | 33M | 32M | 34M | 35M | 34M | 36M | 35M | 35M |
| SG&A | 651M | 744M | 872M | 759M | 841M | 728M | 761M | 853M | 879M | 942M | 1.0B | 997M | 1.0B |
| EBIT | 932M | 1.1B | 1.3B | 1.3B | 1.2B | 1.2B | 1.1B | 1.1B | 1.3B | 1.1B | 1.1B | 719M | 703M |
| Op. Margin | 10.0% | 11.5% | 13.9% | 13.9% | 12.4% | 12.6% | 11.5% | 9.9% | 10.5% | 8.9% | 9.0% | 5.9% | 5.8% |
| Net Income | 603M | 686M | 890M | 847M | 1.0B | 979M | 908M | 909M | 1000M | 794M | 805M | 478M | 467M |
| Net Margin | 6.5% | 7.4% | 9.3% | 9.2% | 10.6% | 10.3% | 9.5% | 8.0% | 8.0% | 6.6% | 6.8% | 4.0% | 3.8% |
| Non-Recurring | 1.7M | 5.2M | 911K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13M | 13M |
| Returns on Capital | |||||||||||||
| ROIC | 18.0% | 18.0% | 20.8% | 17.7% | 17.5% | 17.7% | 14.3% | 9.4% | 10.4% | 7.5% | 8.2% | 5.1% | 5.0% |
| ROE | 17.4% | 18.0% | 21.1% | 18.0% | 18.1% | 16.5% | 14.1% | 13.0% | 13.3% | 10.3% | 10.1% | 6.0% | 5.9% |
| ROA | 11.6% | 11.8% | 13.6% | 12.1% | 12.4% | 12.1% | 9.2% | 7.2% | 7.5% | 5.9% | 6.0% | 3.6% | 3.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 747M | 992M | 1.0B | 1.0B | 1.2B | 923M | 1.1B | 1.0B | 1.1B | 1.0B | 1.3B | 845M | 1.0B |
| Free Cash Flow | 588M | 848M | 784M | 813M | 852M | 629M | 761M | 770M | 856M | 778M | 1.0B | 534M | 693M |
| Owner Earnings | 602M | 843M | 890M | 887M | 1.1B | 750M | 940M | 793M | 897M | 796M | 1.0B | 578M | 712M |
| CapEx | 159M | 144M | 256M | 221M | 390M | 294M | 368M | 232M | 279M | 270M | 256M | 311M | 315M |
| Maint. CapEx | 130M | 133M | 132M | 131M | 149M | 153M | 166M | 184M | 213M | 227M | 234M | 241M | 270M |
| Growth CapEx | 29M | 11M | 124M | 90M | 240M | 141M | 202M | 49M | 66M | 43M | 23M | 70M | 45M |
| D&A | 130M | 133M | 132M | 131M | 149M | 153M | 166M | 184M | 213M | 227M | 234M | 241M | 270M |
| CapEx/OCF | 21.3% | 14.5% | 25.7% | 21.4% | 31.4% | 31.8% | 32.6% | 23.2% | 24.6% | 25.8% | 20.2% | 36.8% | 31.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 203M | 251M | 296M | 346M | 388M | 437M | 487M | 523M | 558M | 593M | 615M | 633M | 639M |
| Dividend Yield | 2.1% | 2.1% | 1.8% | 2.4% | 2.4% | 2.3% | 2.2% | 2.4% | 2.4% | 2.9% | 3.7% | 4.1% | 4.6% |
| Share Buybacks | 59M | 25M | 88M | 94M | 47M | 174M | 12M | 20M | 0 | 12M | 0 | 0 | 0 |
| Buyback Yield | 0.5% | 0.2% | 0.5% | 0.7% | 0.3% | 0.9% | 0.1% | 0.1% | N/A | 0.1% | N/A | N/A | 0.0% |
| Stock-Based Comp | 14M | 16M | 18M | 16M | 21M | 20M | 22M | 25M | 25M | 24M | 23M | 26M | 26M |
| Debt Repayment | 115M | 165M | 0 | 0 | 160K | 375M | 8.4M | 259M | 8.7M | 8.8M | 959M | 7.8M | 7.8M |
| Balance Sheet | |||||||||||||
| Net Debt | 31M | 88M | 80M | 86M | 166M | -438M | -169M | 2.7B | 2.3B | 3.5B | 2.1B | 2.2B | 2.0B |
| Cash & Equiv. | 334M | 347M | 415M | 444M | 459M | 673M | 1.7B | 614M | 982M | 737M | 742M | 671M | 860M |
| Long-Term Debt | 250M | 250M | 250M | 250M | 625M | 250M | 1.0B | 3.3B | 3.3B | 2.4B | 2.9B | 2.9B | 2.4B |
| Debt/Equity | 0.10 | 0.11 | 0.11 | 0.11 | 0.11 | 0.04 | 0.24 | 0.48 | 0.44 | 0.55 | 0.36 | 0.36 | 0.36 |
| Interest Coverage | 73.3 | 81.4 | 102.9 | 100.7 | 44.5 | 66.2 | 52.2 | 25.9 | 21.0 | 14.6 | 13.2 | 9.2 | 512.2 |
| Equity | 3.6B | 4.0B | 4.4B | 4.9B | 5.6B | 5.9B | 6.4B | 7.0B | 7.5B | 7.7B | 8.0B | 7.9B | 7.9B |
| Total Assets | 5.5B | 6.1B | 7.0B | 7.0B | 8.1B | 8.1B | 9.9B | 12.7B | 13.3B | 13.4B | 13.4B | 13.4B | 13.3B |
| Total Liabilities | 1.8B | 2.1B | 2.5B | 2.0B | 2.5B | 2.2B | 3.5B | 5.7B | 5.8B | 5.7B | 5.4B | 5.5B | -59M |
| Intangibles | 555M | 827M | 903M | 1.0B | 1.2B | 1.0B | 1.1B | 1.8B | 1.8B | 1.8B | 1.7B | 1.6B | 1.6B |
| Retained Earnings | 3.8B | 4.2B | 4.7B | 5.2B | 5.7B | 6.1B | 6.5B | 6.9B | 7.3B | 7.5B | 7.7B | 7.5B | 7.5B |
| Working Capital | 1.2B | 849M | 977M | 968M | 911M | 1.3B | 2.1B | 1.5B | 2.2B | 985M | 1.8B | 2.0B | 1.7B |
| Current Assets | 2.1B | 2.1B | 2.0B | 2.0B | 2.1B | 2.4B | 3.6B | 2.9B | 3.6B | 3.3B | 3.2B | 3.4B | 3.5B |
| Current Liabilities | 955M | 1.2B | 1.1B | 1.1B | 1.1B | 1.1B | 1.5B | 1.4B | 1.5B | 2.3B | 1.4B | 1.4B | 1.8B |
| Per Share Data | |||||||||||||
| EPS | 1.12 | 1.27 | 1.64 | 1.57 | 1.86 | 1.80 | 1.66 | 1.66 | 1.82 | 1.45 | 1.47 | 0.87 | 0.85 |
| Owner EPS | 1.12 | 1.56 | 1.64 | 1.65 | 1.97 | 1.38 | 1.72 | 1.45 | 1.63 | 1.46 | 1.84 | 1.05 | 1.29 |
| Book Value | 6.70 | 7.40 | 8.20 | 9.15 | 10.29 | 10.89 | 11.75 | 12.74 | 13.71 | 14.13 | 14.60 | 14.37 | 14.43 |
| Cash Flow/Share | 1.39 | 1.84 | 1.92 | 1.92 | 2.28 | 1.70 | 2.06 | 1.83 | 2.07 | 1.91 | 2.31 | 1.54 | 1.34 |
| Dividends/Share | 0.40 | 0.50 | 0.58 | 0.68 | 0.75 | 0.84 | 0.93 | 0.98 | 1.04 | 1.10 | 1.13 | 1.16 | 1.16 |
| Shares Out. | 538.1M | 540.2M | 542.7M | 539.3M | 544.2M | 543.8M | 547.0M | 547.5M | 549.4M | 547.3M | 547.6M | 549.7M | 550.8M |
| Valuation | |||||||||||||
| P/E Ratio | 18.1 | 20.6 | 18.3 | 15.5 | 18.1 | 18.8 | 25.0 | 22.5 | 22.9 | 19.8 | 19.9 | 26.8 | 29.9 |
| P/FCF | 18.5 | 16.7 | 20.8 | 16.2 | 21.5 | 29.2 | 29.8 | 26.5 | 26.8 | 20.2 | 15.9 | 24.0 | 20.1 |
| EV/EBIT | 11.2 | 13.0 | 12.0 | 9.8 | 15.7 | 15.0 | 20.4 | 20.6 | 19.2 | 17.9 | 17.0 | 20.9 | 22.7 |
| Price/Book | 3.0 | 3.5 | 3.7 | 2.7 | 3.3 | 3.1 | 3.5 | 2.9 | 3.0 | 2.0 | 2.0 | 1.6 | 1.8 |
| Price/Sales | 1.0 | 1.3 | 1.7 | 1.6 | 1.7 | 2.0 | 2.3 | 1.9 | 1.9 | 1.7 | 1.4 | 1.3 | 1.1 |
| FCF Yield | 5.4% | 6.0% | 4.8% | 6.2% | 4.6% | 3.4% | 3.4% | 3.8% | 3.7% | 4.9% | 6.3% | 4.2% | 5.0% |
| Market Cap | 10.9B | 14.1B | 16.3B | 13.1B | 18.3B | 18.4B | 22.7B | 20.4B | 22.9B | 15.7B | 16.1B | 12.8B | 13.9B |
| Avg. Price | 17.87 | 21.90 | 29.82 | 27.11 | 29.30 | 34.82 | 39.81 | 40.06 | 42.16 | 37.19 | 29.95 | 28.06 | 25.31 |
| Year-End Price | 20.15 | 26.17 | 30.03 | 24.37 | 33.70 | 33.82 | 41.42 | 37.31 | 41.75 | 28.71 | 29.32 | 23.35 | 25.31 |
HORMEL FOODS CORP /DE/ passes 4 of 9 quality checks, suggesting mixed fundamentals.
HORMEL FOODS CORP /DE/ trades at 28.4x trailing earnings, compared to its 15-year median P/E of 19.9x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 24.1x vs a median of 22.8x. The company's 5-year average ROIC is 8.1% with a gross margin of 16.7%. Total shareholder yield (dividends) is 4.6%. At current prices, the estimated annualized return to fair value is +1.0%.
HORMEL FOODS CORP /DE/ (HRL) has a net profit margin of 4.0%. This is a modest margin.
HORMEL FOODS CORP /DE/ (HRL) generated $534 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
HORMEL FOODS CORP /DE/ (HRL) has a debt-to-equity ratio of 0.36. This indicates a conservatively financed balance sheet.
HORMEL FOODS CORP /DE/ (HRL) reported earnings per share (EPS) of $0.87 in its most recent fiscal year.
HORMEL FOODS CORP /DE/ (HRL) has a return on equity (ROE) of 6.0%. This indicates moderate shareholder returns.
HORMEL FOODS CORP /DE/ (HRL) has a 5-year average gross margin of 16.7%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 18 years of financial data for HORMEL FOODS CORP /DE/ (HRL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
HORMEL FOODS CORP /DE/ (HRL) has a book value per share of $14.37, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued top-line growth in the second half of fiscal 2026, with pricing actions, mix improvements, and productivity gains from the Transform and Modernize initiative serving as key growth levers throughout the year. While near-term cost pressures including commodity inputs and logistics expenses are anticipated to create headwinds, particularly in the third quarter, the company remains confident in its ability to deliver full-year guidance and believes underlying business momentum supports achievement of the upper half of its earnings range. The company is focused on enhancing collaboration across the organization to respond more quickly to evolving market conditions, with strategic priorities centered on consumer-led growth powered by protein-centric solutions, brand innovation, and operational improvements to drive long-term value creation.
Based on recent SEC filings and earnings calls, HORMEL FOODS CORP /DE/ (HRL) has provided the following forward guidance: Organic net sales growth: 1%-4% (FY2026); Adjusted operating income growth: 4%-10% (FY2026); Adjusted diluted earnings per share: $1.43-$1.51 (FY2026); Net sales: $12.2 billion-$12.5 billion (FY2026); Capital expenditures: $260 million-$290 million (FY2026).
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